Credit unions
are different. They don't have those unsightly fees because they're intended to
serve a local audience. This translates to free checking, overdraft fees that
are smaller and fewer stipulations to keep your accounts free of charge.

2. They're Just as Accessible as Big Banks

It’s true
that credit unions are smaller. This means you might have to go outside of
their network if you want to access things like ATMs, but most credit unions
will do their best to allow you access or reimburse you for using ATMs outside
of their network.

Couple this
with features like online check depositing to see how credit unions are just as
accessible as any big bank.

3. They Have Better Interest Rates

When large
banks operate, they have to save a penny everywhere they can. This includes
giving you less back for interest and credit rewards.

Credit unions
are different. They operate on a smaller scale in hopes that their customers
will trust them more. This results in fewer costs and a larger margin of profit
for credit unions, which they then give back to the customer in the form of
higher interest rates on checking and savings accounts.

4. They Work for the Customer

Banks are
financial institutions that work to further their own profits. They take large
risks that put the customer's money at stake because of this.

Credit unions
are different. They put the customer first, which means that they only make
decisions that benefit both the business's interest and your own. Some credit
unions like PenFinancial Credit Union and others even allow customers to hold a part of
the company as their own to allow you to feel even more secure in the decisions
that they make.

Credit Unions are Generally Better than Big
Banks

The simplest
answer concerning why people say credit unions are better than banks lies in
the way credit unions operate. They're smaller with more advantages because
they focus on working with the customer.

If you're
interested in seeing what a credit union can do for you, then now is one of the
best times to do so. You may be able to escape the fees and hassles that big
banks are imposing upon their own customers by doing so.

Monday, August 4, 2014

Declaring bankruptcy is always an unpleasant thing to consider, but it may be the only way that you can escape crippling debt that is impossible to pay off. If you need to declare bankruptcy, there are some things you need to know.

1.Be prepared to have your finances exposed

When you file, you will need to appear at a meeting of all of your creditors incourt. A bankruptcy trustee will ask you questions about your finances, and creditors can ask questions as well. You will have to be completely honest and list off all property, assets, creditors and debts. Otherwise, you face potential fines and jail time.

2.Read through the paperwork

Bankruptcy proceedings involve filing a lot of complicated forms, and you should take as much time as you need to properly understand them before taking the final step. The one form you should look at the most is the statement of financial affairs.

3.Never file for bankruptcy without an attorney

It'll cost you a little more, but a good bankruptcy attorney can help you avoid needless seizures and help you navigate through the maze of laws that are tied to bankruptcy. Be completely honest to your lawyer and to the trustee that's assigned to you. If hiring an attorney is difficult because of your financial difficulties, then you may file a petition for a fee waiver with the court.

4.Remember that bankruptcy is personal

This may seem like an odd lesson, but bankruptcy protection does not actually eliminate debt. If you're declaring bankruptcy because of a loan, then creditors can still go after other co-signers that are on that loan.

5.Don't pay off certain creditors

Many people will try to pay off some debts before declaring bankruptcy. Doing this will ruin your case while using credit cards to do so is considered fraud. You'll need to consult your lawyer if you've already paid someone off.

6.Bankruptcy can take a long time

The average chapter 7 bankruptcy lasts four months while the average chapter 13 can last up to five years. You'll have to be prepared for a long slog if you want a bankruptcy discharge.

You'll need to weigh these facts and others before making a final decision. If you feel that you're prepared, then consult a lawyer to begin the process. The process is hard, but it can help you start anew.

Tuesday, April 29, 2014

Hearing
a random rattle in the hood or a squeak in the brakes is never too promising.
On top of fearing for your safety, you're afraid of the cost. Fortunately,
smart planning and intelligent decision-making skills help you to deal with
these unexpected costs.

Have Money Set Aside

While you certainly cannot predict the moment when a car problem is going to
happen, you can do your best to be prepared for it. Having a completely drained
bank account is not smart for a variety of reasons, and unforeseen car issues
are some of them. If you always have at least a little bit of money set aside,
then you do not need to worry about charging expensive repairs on your credit
card or driving around with a damaged vehicle.

Purchase Service Contracts and Warranties

As soon as you buy your car, you can start taking steps to ensure the financial
cost of the repairs is covered. First, find out if a warranty is available for
the vehicle. The manufacturer may cover certain repairs. You also should ask
about an extended service contract. People who are planning to have the car for
a long time can benefit from paying a little bit each month into the account.

Take Out a Small Loan

Adding more debt onto existing bills is not the best decision to make, but
sometimes, it's the only one. Talk to your bank about small loan amounts that
are available to cover the cost of repairs. You can also look into payday
loans. However, you want to be sure that you'll have the amount of money to pay
back when it is due. When choosing loans, always pay attention to the interest
rates so that you aren't paying back significantly more than you took out.

Opt for Used Car Parts

Depending on where you go to have your vehicle fixed, you might be able to ask
for used car parts. Choosing these parts over brand new ones could mean that
you are not getting the best products on the market, but you are buying
something that is affordable. You can use these parts at least for now and look
into upgrading when you have a little bit more money. Used tires, like ones
purchased at Hercules tire sales, are an example of common used car parts.

Dealing with the cost of car repairs does not need to be a nightmare when you
have money saved or are wise about obtaining funds for the work

Friday, April 25, 2014

The following loan types can help
people in exceptional circumstances. A 203 (K) or a balloon mortgage
come with benefits and obligations that will fit different types of
borrowers looking to purchase a home. Reverse mortgages and secure
loans effectively put up equity or assets as loan collateral. Cash
advances are smaller loans that many can use for a short-term
occasional cash infusion.

FHA 203 (K)

203 (K) loans can be put to good use by
people handy and knowledgeable in home repair. Finding a shabby
house, repairing it and selling a newly-renovated high-value property
is the ideal situation that a 203 (K) loan facilitates. However,
borrowers should research whether a given repair or renovation will
demand a proportionately higher price on the real estate market. Some
home renovations and “improvements” end up being very
unprofitable.

Balloon Mortgages

Typically, these loans have a 5 or
7-year duration with a fixed low rate that is very attractive. The
trick to balloon mortgages is that they have a giant “balloon”
payment at the end that is due all at once. For example, a five-year
mortgage for $100,000 at 5 percent annual interest would require
monthly payments of $536.82. This is reasonable while it lasts, but
the balloon is a $92,365.63 obligation at the conclusion of the loan.

Reverse Mortgage

A reverse mortgage converts existing
home equity into cash without monthly repayment requirement as long
as the borrower lives in the house. Upon sale of the property, the
lender is paid back proportionately to the percentage of equity
turned into cash. In effect, a reverse mortgage lets a borrower
benefit now from a future property sale without losing the property.

Secured Loan

Secured loans are based on an asset
that the lender has a right to confiscate in case a borrower does not
make agreed-upon payments. As long as the secured collateral is not
critical, secured loans may be a good idea for borrowers with bad
credit scores.

Cash Advance

These are short-term and relatively
small infusions suitable for necessities. The experts from Deerfield
Pawnbrokers say cash advances can be made by
tax specialists, with the borrower’s anticipated tax refund used to
pay back the principal borrowed and appropriate interest.

Though they may seem like great deals,
prospective borrowers should be very careful to read the fine print.
Each of these loan types have sub-categories based on specific
borrower needs, expenses and lender risk.

Wednesday, April 23, 2014

No matter how much money you make
from your job, it’s always nice to be able to make some extra cash on the side.
However, it can be difficult to find money-making opportunities, with
everything else you have going on. Luckily, it can be done. Here are five ways
to get money quickly to help you pad your bank account even more.

Sell Your Stuff
Everyone has a ton of old junk lying around their home that they may not think
is very useful. However, your old trash may just be considered treasure to
someone else. Whether it’s old clothes, electronics or anything else, consider
taking your stuff to a pawnshop, like Gold Star
Jewelers, or having a garage sale. In either
way, you might be surprised to find out what people will pay for your old
stuff.

Get A Loan
If you are really hurting for money and need it now, consider getting a loan
through a bank or a payday loan from a financial lender. Loans should be used
carefully and paid back as quickly as possible in order to avoid high interest
rates. However, when you need money in a crunch, they can be incredibly
helpful.

Look Online
If you already have a fulltime job, you likely won’t have the time for another
one. But if you are looking for some extra money, there are usually freelance
manual labor jobs that you can find in the classified listings online. Some
people may need help moving or landscaping their yard, and they’ll be willing
to pay someone to help them. This is a great opportunity for side money and
jobs are always presenting themselves on the Internet.

Donate
If you are a healthy and able-bodied person, there are a few different options
to consider that allow you to donate for money. Women can donate their eggs for
hefty amounts of money and men can donate sperm, though it may be for less than
what woman get for their reproductive parts. And both men and women can donate
plasma, which can bring in upwards of $50 per trip.

Recycle
Recycling is not only good for the environment, but it also helps you earn
money as well. Some people may opt for going around and picking up old soda
cans to put together a few extra cents here and there, but another option is to
go for larger pieces of scrap metal. Both types of recycling can bring in a bit
of extra money, if you know what to look for and where to recycle it.

Earning extra money is something
many people wish they could do. But in order to do so, you may have to think
outside the box and get a bit creative. Consider the options here for getting
money quickly when you need it.